International Petroleum Corp. and PETRONAS extend production sharing contract for Malaysian oil field

(WO) — International Petroleum Corporation announced that IPC’s subsidiaries IPC Malaysia B.V. and IPC SEA Holding B.V. have signed a letter of agreement with PETRONAS to extend the Block PM 307 Production Sharing Contract (PM 307 PSC) covering the Bertam Field, offshore Peninsular Malaysia from Aug. 15, 2025, until Aug. 14, 2035.

For nine months, IPC produced an average of 5,150 bopd from the Bertam Field. As a result of the continuation of the PM 307 PSC, IPC estimates increased proved plus probable (2P) reserves of approximately 3.0 million barrels of oil in respect of the Bertam Field as of Dec. 31, 2022.

Mike Nicholson, IPC's Chief Executive Officer, comments, “This extension allows IPC to continue to produce light oil from the Bertam Field and to review further potential opportunities within the PM 307 PSC area in Malaysia. This extension is mutually beneficial for both IPC and PETRONAS, facilitating continued production from a field which has a proven track record of safe, stable operations with high uptime from the existing facilities.”

Completion of the continuation of the PM 307 PSC remains subject to the finalization of amendment documentation which is expected to occur in the first quarter of 2023.